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Provisional Measure 1.006, published last Friday 2, increased the percentage of payroll loans for insured persons of the National Social Security Institute (INSS) until December 31. The MP established that retirees and pensioners can commit up to 40% of their income with a loan. Before the limit was 35%.
The change aims to minimize the economic impacts generated by the new coronavirus pandemic. However, according to the Brazilian Federation of Banks (Febraban), financial institutions are still adapting to change. Therefore, in some cases, the new limit may not be published immediately.
The INSS insured who is interested in taking out the payroll loan can check what part of the income has already been engagedand the amount of credit that can still be requested. To do so, simply check the “Payroll Loan Statement” on the website or in the My INSS app. The available value will appear in the document.
Payroll loans
Before the approval of the MP, retirees and pensioners could commit 35% of the social security benefit with payroll loans, up to 30% with a loan and 5% with a credit card. However, it is now possible to hire up to 35% on personal loan. The percentage of 5% for card was maintained.
In practice, those who have already committed 30% of the loan benefit, for example, may request another 5%. However, it should be mentioned that the change is only valid during the state of public calamity, that is, until December 31st.
According to the INSS, the insured can make up to nine personal loan contracts. The interest percentage is a maximum of 1.8%, with a payment term of up to 84 months, which is equivalent to seven years.
The institute’s data indicates that there are currently almost 33.9 million INSS payroll loan contracts in Brazil. The volume handled in payroll loans is around 66.5 million in active contracts for retirees and pensioners, according to Febraban.
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